My question is: Applicable to both US and Canada
QUESTION: Hello. I am a dual citizen of the US and Canada. I have been
living in Los Angeles for 15 years, and have decided to move back to
Alberta. I have a 10 year old who was born in the US and has his Canadian
citizenship. Here are my questions: I will be selling a house for
approximately $200,000 capital gains. Will I have to claim any of this in
Canada? Would it make sense to not work in Canada for the rest of 2005 in
order to avoid filing a Canadian tax return? I guess I'm unclear of just
when I really become a Canadian resident again. Also, I have a 401k worth
about $20k and a ROTH IRA worth about $25k as well. Any advice on what to do
with these? PS - I received my US Citizenship just about 2 years ago....I
read somewhere that if I haven't been a citizen for 5 years and take up
residence elsewhere, they can take it away. Is that true? I'm completely
freaked out about all this!!!! Thanks for considering my question.
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david ingram replies:
Keep your Roth and your 401(K)in the US but roll the 401(K) into an IRA. If
you want to convert your IRA to an RRSP, it is also possible to do so with
little tax consequence but it works better at higher income levels so you
would NOT want to try it this year.
There was a provision that you could lose your US citizenship if you left
the US for another country within ONE year of naturalization. However, this
was repealed by congress and signed by president Clinton in (I think)
October 1994 when Clinton also expanded the right of US citizenship
retroactively to children born of US mothers before May 24, 1934.
At the moment there is absolutely NO provision to revoke or take away your
US citizenship if you move out of the USA.
However, just in case something has happened that I do not remember, I am
putting this out on the newsletter list to another 13,000 people and if it
exists, someone will know and send it to me.
In the meantime,
Answers to this and other similar questions can be obtained free on Air
every Sunday morning.
Every Sunday at 9:00 AM on 600AM in Vancouver, I, david ingram am a
permanent guest on Fred Snyder of Dundee Wealth Managers' LIVE talk show
called "ITS YOUR MONEY"
Those outside of the Lower Mainland will be able to listen on the internet
at
www.600AM.com <http://www.600am.com/>
Call (604) 280-0600 to have your question answered. BC listeners can also
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Callers to the show and questioners on this board can also attend the
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